Pharmaceutical Cannabis - Southern Africa

Southern Africa

Revenue in the Pharmaceutical Cannabis market in Southern Africa is forecasted to reach US$9.84m by 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 2.48%, leading to a market volume of US$11.12m by 2029.
When compared globally, the United States is expected to generate the highest revenue (US$913.10m in 2024).
In terms of per capita figures, US$9.75k in revenue is generated per person in 2024.
Southern Africa's pharmaceutical cannabis market is experiencing rapid growth due to increasing legalization and a growing demand for medical cannabis products.

Key regions: United States, Spain, Europe, Thailand, Canada

Market

Region

Region comparison

Currency

Analyst Opinion

The Pharmaceutical Cannabis market in Southern Africa is experiencing significant growth and development in recent years.

Customer preferences: Customers in Southern Africa are increasingly turning to Pharmaceutical Cannabis products due to the growing awareness of the potential health benefits associated with these products. The shift towards natural and alternative medicine options is driving the demand for Pharmaceutical Cannabis in the region.

Trends in the market: South Africa, in particular, has been at the forefront of Pharmaceutical Cannabis legalization and regulation in the region. The country's progressive stance on medical cannabis has paved the way for a burgeoning market with increasing investments and research activities. Other countries in Southern Africa are also exploring the potential of Pharmaceutical Cannabis, albeit at a slower pace.

Local special circumstances: One of the key factors driving the growth of the Pharmaceutical Cannabis market in Southern Africa is the presence of a suitable climate for cannabis cultivation in certain regions. This has attracted local and international companies to set up cultivation facilities in countries like Lesotho, known for its ideal growing conditions.

Underlying macroeconomic factors: The economic landscape in Southern Africa plays a significant role in shaping the Pharmaceutical Cannabis market. With a growing population and increasing healthcare needs, there is a rising demand for alternative medical solutions like Pharmaceutical Cannabis. Additionally, the potential for job creation and revenue generation from the cannabis industry is appealing to governments in the region, driving further regulatory developments.

Methodology

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on companies' revenues, funding values and global consumer survey data. Revenues include retail, sales and taxes.

Modeling approach / Market size:

Market sizes are determined by a Top-Down approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use financial reports, third-party data. Next, we use relevant key market indicators and data from country-specific associations such as tobacco spending per capita, medical product spending per capita, consumer spending and consumer spending for recreation purposes, population. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, S-Curve function, ARIMA time series model and exponential curve function.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. GCS data is reweighted for representativeness.